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Question s, 1-20 (similar to) Question Help Drasher, Inc. is a privately held furniture manufacturer. For August 2014, Drasher had the following standards for one of its products, a wicker chair Standards per Chair Direct materials 3 square yards of input at $ 5.70 per square yard Direct manufacturing labor 0.5 hour of input at $ 10.50 per hour The following data were compiled regarding actual performance: actual output units (chairs) produced, 2, 100; square yards of input purchased and used, 6,000, price per square yard, $5.80, direct manufacturing labor costs, $9,964, actual hours of input, 940; labor price per hour, $10.60. Read the requirements Let's begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the formula and calculate the cost. Actual input Actual price Actual cost Direct materials 6,000 5.8 $ 34,800 i Requirements X Next we will calculate the actual input at the budgeted price. Actual input X Budgeted price Cost Direct materials 6,000 5.7 34 200 1. Show computations of price and efficiency variances for direct materials and = direct manufacturing labor. Give a plausible explanation of why each variance Direct manufacturing labor 940 10.5 9,870 occurred. 2. Suppose 8,500 square yards of materials were purchased (at $5.80 per square Determine the formula and calculate the costs for the flexible budget. yard), even though only 6,000 square yards were used. Suppose further that variances are identified at their most timely control point, accordingly, direct Actual price Actual input Flexible budget cost materials price variances are isolated and traced at the time of purchase to the Direct materials 940 9964 X 10.60 purchasing department rather than to the production department. Compute the 49300 price and efficiency variances under this approach. Direct manufacturing labor 8500 5.80 Choose from any list or enter any number in the input fields and then click Check Answer. Print Done Clear All Check Answer 4 parts remaining